Friday, October 24, 2008

McCain Good for Business and Good for the Economy

Often times pro business even pro small business policies are looked upon with disdain as can be seen in Senator Obama recently comments criticizing Senator McCain for caring more about Wall Street than Main Street. However, this is a myopic view of the economy. Pro business policies create jobs, pro business policies help grow the economy. Putting the breaks on an already sagging economy with increased taxes does nothing for the American worker exept make life harder. CNBC notes that small business owners recognize that McCain Understands Small Business Owners

The following is a statement from American Small Business League (ASBL) President Lloyd Chapman: One look at Senator John McCain's website will tell you, this is a man that knows and cares about America's 27 million small businesses. He knows 56 percent of all Americans work for small businesses. John McCain is a small business guy through and through.

Numerous organizations, including the Associated Press, have noted that Obama's proposals spend hundreds of millions of dollars more than his tax hikes raise. What is less well known is that Obama's tax plan itself sends out of Washington far more than it brings in. Obama's campaign twice admits that in the wording of the tax plan.

According to the plan, "his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000." That sounds like he's giving a net tax cut. But much of what he calls "tax cuts" are actually cash payments to low- and middle-income Americans. Ultimately, he sends out of Washington hundreds of billions of dollars more than it takes in.

In other words, Obama promises more in benefits to low- and middle-income Americans than his plan can finance with his tax hikes on "families" making more than $250,000 a year. And note the word, "families." Even though Obama says that no "family" making less than $250,000 a year will see a tax increase, in fact his plan raises taxes on individuals making $200,000 a year or more.

The bottom line is that Obama is not being honest about his tax and spending plans. It is impossible -- impossible! -- for him to finance his giveaways by taxing only those making $250,000 or more. He will have to raise taxes substantially on people making much, much less than that.

Senator Obama's plans to "spread the wealth" are anti-growth measures done in the name of fairness. However, there is nothing fair about halting economic growth. There is also nothing fair about punishing success.McCain Good for Business and Good for the Economy